Special Customs Procedures Including Inventory Management
Realize saving potentials in the scope of customs duties thanks to the use of special customs procedures, including inventory management
MIC-CUST® - Software that helps to take full advantage of the benefits offered by special customs procedures
Special customs procedures, like inward processing relief, bonded warehouse, IMMEX, free zone, foreign trade zone, duty drawback or processing trade, offer unique treatment for goods entering or leaving a country to promote trade facilitation and economic benefits. This covers the possibility of suspending or drawing back customs duties for the storage or processing of goods that are subject to a special customs regime. Therefore, they play a critical role in international trade by enhancing efficiency, lowering costs and supporting business operations. But this is not possible without having the right software in place that helps businesses to navigate the complexities involved.
MIC’s CUST® special customs regime software capabilities integrate all necessary import and export clearance functionalities, as well as inventory management features that guarantee data consistency, compliance with legal retention obligations and the minimization of manual data input and correction efforts. Further, they ensure compliance with global regulations, reduce the risk of errors and improve accuracy. Consequently, businesses can optimize their supply chain operations, increase competitiveness and achieve substantial cost savings.
Benefits
Realize Cost Saving Potentials
MIC-CUST® facilitates the effective use of special customs regimes like inward processing relief, bonded warehouse, IMMEX, free zone, foreign trade zone, duty drawback or processing trade, optimizing costs and enhancing cash flow
Improved Compliance and Operational Efficiency
The software integrates all necessary import and export clearance functionalities to guarantee data consistency, compliance with legal retention obligations as well as the minimization of manual data input and correction efforts
Advanced Inventory Management
MIC-CUST® enables precise inventory control with automated expiry date calculations, comprehensive stock tracking and prevents unauthorized withdrawals. This ensures robust control and compliance in all stock movements
Highlighted Product Features
Precise inventory management
Track every inventory addition and removal with exact categorization, ensuring alignment with customs regulations and bolstering operational efficiency in global trade.
Adaptive import limit management
The system allows for the management of import limits based on defined tariff numbers, offering flexibility regarding quantities, values and validity periods as per customs requirements.
Configurable stock withdrawal logic
Our software solution supports various stock withdrawal principles, including first in, first out (FIFO) and prior export principles, allowing businesses to customize deduction sequences to their operational needs.
Enhanced bill of materials tracking
With real-time tracking of bill of materials (BOM) levels, businesses can monitor relevant goods throughout the entire import to re-export process, ensuring accurate compliance and reporting.
Expiry date calculation and reporting
The system features configurable expiry date calculations for each stock entry, alongside automated processes for managing expired stocks and calculating associated duties and interests, facilitating efficient compliance with customs regulations and granted customs authorization.
Comprehensive audit trail
Our software solution provides a complete audit trail, tracking every inventory movement from the customs declaration through to stock reduction, ensuring full compliance with trade regulations.
Automated stock reconciliation and adjustment function via interfaces to ERP systems (additions/withdrawals) to cover various processes (e.g. scrap)
Supports different methods for calculating of customs duties (e.g. draw-back, suspension, difference and added-value customs value assessment) including possible interest calculation
Supports blocking of stock (withdrawals by MIC-CUST® Import and MIC-CUST® Export are not possible from blocked stock)
Configurable ‘fill or kill’ feature for stock withdrawal
Supports transfer from one inventory to another inventory (zone-to-zone transfer)
Resources
SADI S.p.A. (Part of FCA Group) starts to unify and automate its customs processes among its various country organizations with a standardized customs software solution
- Fully automated and standardized processes using state of the art technology
- Resulting in a big release of workload & costs for the logistics processes
- Gaining high level of transparency and control over your customs processes
Get in touch
Have questions about our company or products? Reach out to us, and our sales team will be happy to assist you. Or take advantage of the opportunity to explore how MIC solutions can elevate your business, with expert guidance from one of our specialists.